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<TABLE>
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 03/31/94
Institutional Investment Manager:
MERCANTILE BANKSHARES CORPORATION
2 HOPKINS PLAZA
BALTIMORE MD 21203
I REPRESENT THAT I AM AUTHORIZED TO SUBMIT THIS FORM AND THAT ALL INFORMATION
IN THIS FORM AND THE ATTACHMENTS TO IT IS TRUE, CORRECT AND COMPLETE AND I
UNDERSTAND THAT ALL REQUIRED ITEMS, STATEMENTS AND SCHEDULES ARE INTEGRAL
PARTS OF THIS FORM AND THAT THE SUBMISSION OF ANY AMENDMENT REPRESENTS THAT
ALL UNAMENDED ITEMS, STATEMENTS AND SCHEDULES REMAIN TRUE, CORRECT AND
COMPLETE AS PREVIOUSLY SUBMITTED.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
Name, Title and Telephone Number of Person Submitting Report:
JOHN A. O'CONNOR, JR. SR. VICE PRESIDENT & SECRETA 410-237-5204
Signature, Place and Date of Signing:
/s/ JOHN A. O'CONNOR, JR. BALTIMORE MD 4/19/93
Other Managers on Whose Behalf this Report is Filed:
01 FREDERICKTOWN BANK & TRUST
02 MERCANTILE-SAFE DEPOSIT & TRUST COMPANY 028-00125
<PAGE> PAGE 2
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
GOLDEN RESOURCES DEVELOPMENT COM G3958K104 6 20000 SH DEFINED 02 0 0 20000
GUINNESS PLC COM G42084114 84 12000 SH DEFINED 02 0 12000 0
ABN AMRO HLDG N V COM 000937102 2103 55000 SH DEFINED 02 55000 0 0
ALC COMMUNICATIONS CORP COM 001575307 610 18300 SH DEFINED 02 0 0 18300
ABBOTT LABS COM 002824100 6215 233440 SH DEFINED 02 46474 89174 97792
A W SISK & CO COM 002990208 299 20305 SH DEFINED 02 0 20305 0
ACUSON COM 005113105 597 47800 SH DEFINED 02 39300 5900 2600
ADVANCED TECHNOLOGY LABS INC COM 00755N106 219 14525 SH DEFINED 02 975 280 13270
CORESOURCE INC COM 007990104 187 187500 SH DEFINED 02 187500 0 0
CORESOURCE INC PFD 007990120 937 937500 SH DEFINED 02 937500 0 0
AETNA LIFE & CAS CO COM 008140105 1812 34127 SH DEFINED 02 12504 11605 10018
AIR PRODS & CHEMS INC COM 009158106 12660 283706 SH DEFINED 02 138755 99129 45822
ALBAN CO PFD 012997110 0 281523 SH DEFINED 02 0 281523 0
ALBAN CO COM 012997102 0 12500 SH DEFINED 02 0 12500 0
ALBERTSON'S INC COM 013104104 229 8000 SH DEFINED 02 0 6400 1600
ALCAN ALUM LTD NEW COM 013716105 370 16828 SH DEFINED 02 9840 850 6138
ALCO STD CORP COM 013788104 1813 34628 SH DEFINED 02 300 8715 25613
ALCO STD CORP CPF 013788500 278 4358 PRN DEFINED 02 50 750 3558
ALEX BROWN INC COM 013902101 376 15507 SH DEFINED 02 0 15507 0
ALEXANDER & ALEXANDER SVCS INC SUB 014476AA3 4 4000 PRN DEFINED 02 4000 0 0
ALL AMERN COMMUNICATIONS INC SUB 016480AA3 9 10000 PRN DEFINED 02 0 0 10000
ALLEGHENY PWR SYS INC COM 017411109 375 16506 SH DEFINED 02 3600 11706 1200
ALLERGAN INC COM 018490102 323 15900 SH DEFINED 02 3834 7846 4220
ALLIED SIGNAL INC COM 019512102 562 15418 SH DEFINED 02 2042 12860 516
ALLMERICA PPTY & CAS COS INC COM 01975T105 329 18300 SH DEFINED 02 0 18300 0
ALLSTATE CORP COM 020002101 403 16800 SH DEFINED 02 1900 11900 3000
ALLTRISTA CORP COM 020040101 277 15210 SH DEFINED 02 0 15100 110
ALUMINUM CO AMER COM 022249106 5802 81017 SH DEFINED 02 57129 17493 6395
AMERADA HESS CORP COM 023551104 944 21104 SH DEFINED 02 2600 15428 3076
AMERICAN ASIATIC OIL CORP COM 023879109 0 200000 SH DEFINED 02 0 90000 110000
AMERICAN BRANDS INC COM 024703100 1260 41492 SH DEFINED 02 8702 19532 13258
AMERICAN CYANAMID CO COM 025321100 1173 25161 SH DEFINED 02 9610 7044 8507
AMERICAN ELEC PWR INC COM 025537101 507 16502 SH DEFINED 02 3920 11232 1350
AMERICAN EXPRESS CO COM 025816109 724 26125 SH DEFINED 02 7662 2816 15647
AMERICAN EXPRESS CO COM 025816109 362 13046 SH DEFINED 02 3693 6845 2508
AMERICAN GENERAL CORP COM 026351106 7171 257279 SH DEFINED 02 63092 156106 38081
AMERICAN GREETINGS CORP COM 026375105 498 18900 SH DEFINED 02 1200 0 17700
AMERICAN HOME PRODS CORP COM 026609107 59046 1018045 SH DEFINED 02 476806 295953 245286
AMERICAN INTL GROUP INC COM 026874107 8153 96920 SH DEFINED 02 39237 33332 24351
AMERICAN TEL & TELEG CO COM 030177109 13774 268761 SH DEFINED 02 73868 110010 84883
AMERITECH CORP NEW COM 030954101 25572 670744 SH DEFINED 02 350160 168384 152200
AMGEN INC COM 031162100 674 17625 SH DEFINED 02 13900 3100 625
AMOCO CDA PETE CO SUB 031678AC9 155 137000 PRN DEFINED 02 108000 1000 28000
AMP INC COM 031897101 29368 487441 SH DEFINED 02 241163 137584 108694
AMOCO CORP COM 031905102 51922 979679 SH DEFINED 02 569924 227574 182181
AMSOUTH BANCORPORATION COM 032165102 434 14605 SH DEFINED 02 0 0 14605
ANDERSEN GROUP INC SUB 033501AB3 4 5000 PRN DEFINED 02 0 0 5000
ANHEUSER BUSCH COS INC COM 035229103 815 15391 SH DEFINED 02 550 4612 10229
AON CORP COM 037389103 476 9932 SH DEFINED 02 636 3592 5704
APPLE COMPUTER INC COM 037833100 21492 646389 SH DEFINED 02 445524 53075 147790
<PAGE> PAGE 3
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
APPLIED MATLS INC COM 038222105 422 9500 SH DEFINED 02 0 0 9500
ARCHER DANIELS MIDLAND CO COM 039483102 877 36580 SH DEFINED 02 651 9457 26472
ARKLA INC COM 041237108 888 131650 SH DEFINED 02 100000 5600 26050
ASEA AB COM 043655307 4594 61265 SH DEFINED 02 32100 19325 9840
ATLANTA GAS LT CO COM 047753108 614 17808 SH DEFINED 02 8177 6864 2767
ATLANTIC RICHFIELD CO COM 048825103 32341 340440 SH DEFINED 02 202733 84787 52920
AURA SYS INC COM 051526101 139 18000 SH DEFINED 02 0 0 18000
AUTODESK INC COM 052769106 8062 139000 SH DEFINED 02 96775 17050 25175
AUTOMATIC DATA PROCESSING INC COM 053015103 288 5630 SH DEFINED 02 4400 600 630
AUTOZONE INC COM 053332102 259 4775 SH DEFINED 02 0 0 4775
AVERY DENNISON CORP COM 053611109 624 22386 SH DEFINED 02 12700 6286 3400
AVNET INC SUB 053807AB9 723 709000 PRN DEFINED 02 565000 30000 114000
AVNET INC COM 053807103 676 17732 SH DEFINED 02 10600 5100 2032
AUTOMOTIVE CASUALTY ASSURANCE COM 053990503 20 70455 SH DEFINED 02 70455 0 0
BAKER HUGHES INC COM 057224107 555 31271 SH DEFINED 02 22075 2176 7020
BALTIMORE CEMETERY COMPANY COM 058991100 1755 58500 SH DEFINED 02 58500 0 0
BALTIMORE GAS & ELEC CO COM 059165100 18592 804001 SH DEFINED 02 277453 281616 244932
BALTIMORE RADIO SHOW INC COM 059275107 0 10578 SH DEFINED 02 0 10578 0
BANC ONE CORP COM 059438101 299 9083 SH DEFINED 02 381 4030 4672
BANKAMERICA CORP COM 066050105 308 7828 SH DEFINED 02 4026 2580 1222
BANKERS TR N Y CORP COM 066365107 208 2940 SH DEFINED 02 740 1800 400
BANTA CORP COM 066821109 271 8050 SH DEFINED 02 0 1100 6950
BARD C R INC COM 067383109 504 20805 SH DEFINED 02 16805 2200 1800
BARNES & NOBLE INC COM 067774109 564 23500 SH DEFINED 02 0 900 22600
BARNETT BKS INC COM 068055102 5009 113523 SH DEFINED 02 82798 16700 14025
BARNETT BKS INC CPF 068055300 1694 19250 PRN DEFINED 02 14250 900 4100
BAUSCH & LOMB INC COM 071707103 390 8300 SH DEFINED 02 600 6900 800
BAXTER INTL INC COM 071813109 1125 49750 SH DEFINED 02 11279 21759 16712
BEARINGS INC NEW COM 074005208 1837 57662 SH DEFINED 02 39450 12725 5487
BECKMAN INSTRS INC COM 075816108 1615 63028 SH DEFINED 02 53289 5512 4227
BECTON DICKINSON & CO COM 075887109 693 18492 SH DEFINED 02 1400 12492 4600
BELL ATLANTIC CORP COM 077853109 42884 828681 SH DEFINED 02 443685 197557 187439
BELLSOUTH CORP COM 079860102 36085 623509 SH DEFINED 02 351622 120946 150941
BENEFICIAL CORP COM 081721102 700 19138 SH DEFINED 02 12882 4056 2200
BERKSHIRE HATHAWAY INC DEL COM 084670108 47201 2964 SH DEFINED 02 0 908 2056
BETZ LABS INC COM 087779104 4063 80864 SH DEFINED 02 62164 5300 13400
BIOWHITTAKER INC COM 09066T108 88 14700 SH DEFINED 02 0 14700 0
BLACK & DECKER CORP COM 091797100 574 28007 SH DEFINED 02 12487 7041 8479
BLOCK H & R INC COM 093671105 713 16600 SH DEFINED 02 900 2900 12800
BOB EVANS FARMS COM 096761101 200 9000 SH DEFINED 02 8000 0 1000
BOEING CO COM 097023105 7102 159611 SH DEFINED 02 95975 36488 27148
BOISE CASCADE CORP SUB 097383AK9 64 70000 PRN DEFINED 02 50000 0 20000
BORDEN INC COM 099599102 11352 848760 SH DEFINED 02 519746 67365 261649
BOSTON METALS COMPANY NON-VTG COM 100990100 2288 73815 SH DEFINED 02 0 0 73815
CHARLES T. BRANDT INC COM 104995105 398 81 SH DEFINED 02 0 81 0
BRANDYWINE FD INC COM 10532D107 531 21304 SH DEFINED 02 0 21304 0
BRINKER INTL INC COM 109641100 247 8625 SH DEFINED 02 0 0 8625
BRISTOL MYERS SQUIBB CO COM 110122108 66784 1296795 SH DEFINED 02 552747 215485 528563
BRITISH PETE LTD COM 110889409 13942 227175 SH DEFINED 02 183675 12975 30525
BRITISH TELECOMMUNICATIONS COM 111021408 247 4300 SH DEFINED 02 1800 2500 0
<PAGE> PAGE 4
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
BROOKLYN UN GAS CO COM 114259104 7794 328184 SH DEFINED 02 239225 51449 37510
BROWN & SHARPE MFG CO SUB 115223AA7 5 5000 PRN DEFINED 02 5000 0 0
BROWNING FERRIS INDS INC SUB 115885AF2 23 25000 PRN DEFINED 02 0 0 25000
BUILDERS TRANS INC SUB 120084AA6 291 300000 PRN DEFINED 02 190000 0 110000
BURLINGTON NORTHERN INC COM 121897102 430 7230 SH DEFINED 02 3900 3230 100
BURLINGTON RES INC COM 122014103 509 11992 SH DEFINED 02 1348 10129 515
BUTTONWOOD PARTNERS L P SUB 124991100 12 4 PRN DEFINED 02 0 4 0
CIGNA CORP SUB 125509AB5 46 45000 PRN DEFINED 02 0 0 45000
CIGNA CORP COM 125509109 959 16156 SH DEFINED 02 8074 2092 5990
CPC INTL INC COM 126149103 10831 228640 SH DEFINED 02 86792 80386 61462
CSX CORP COM 126408103 3145 38360 SH DEFINED 02 12188 16643 9529
CUC INTL INC COM 126545102 516 16400 SH DEFINED 02 0 0 16400
CACI INTL INC COM 127190304 1523 181949 SH DEFINED 02 0 0 181949
CAMCO INTL INC COM 132632100 489 28400 SH DEFINED 02 0 0 28400
CAMPBELL SOUP CO COM 134429109 269 6767 SH DEFINED 02 2992 1200 2575
CAPITAL CITIES ABC INC COM 139859102 797 1166 SH DEFINED 02 0 320 846
CARNIVAL CRUISE LINES INC COM 143658102 479 10800 SH DEFINED 02 1000 0 9800
CAROLINA PWR & LT CO COM 144141108 455 17784 SH DEFINED 02 3900 10614 3270
CATERPILLAR INC COM 149123101 32293 287372 SH DEFINED 02 193013 16176 78183
CENTRAL & SOUTH WEST CORP COM 152357109 605 24459 SH DEFINED 02 7349 9700 7410
CENTURY TEL ENTERPRISES INC COM 156686107 594 25700 SH DEFINED 02 0 0 25700
CETUS CORP SUB 157199AA8 88 99200 PRN DEFINED 02 16000 34200 49000
CHAMPION INTL CORP SUB 158525AD7 9 10000 PRN DEFINED 02 0 10000 0
CHAMPION INTL CORP COM 158525105 317 10933 SH DEFINED 02 0 2513 8420
CHARLESTON CORP COM 160990917 234 2500 SH DEFINED 02 0 0 2500
CHEMICAL BKG CORP COM 163722101 201 5547 SH DEFINED 02 1570 1852 2125
CHEVRON CORP COM 166751107 33753 401825 SH DEFINED 02 227885 72691 101249
CHRYSLER CORP COM 171196108 329 6360 SH DEFINED 02 4500 640 1220
CHUBB CORP COM 171232101 29655 405549 SH DEFINED 02 238500 56285 110764
CHUBB CAP CORP SUB 171990AB0 247 240000 PRN DEFINED 02 115000 0 125000
CIRCLE K CORP SUB 172576AE0 0 25000 PRN DEFINED 02 0 25000 0
CIRCUIT CITY STORES INC COM 172737108 280 14100 SH DEFINED 02 5900 2000 6200
CISCO SYS INC COM 17275R102 383 11210 SH DEFINED 02 6000 800 4410
CIRCUS CIRCUS ENTMT COM 172909103 232 7200 SH DEFINED 02 0 0 7200
CITICORP COM 173034109 547 14608 SH DEFINED 02 1040 7520 6048
COASTAL CORP COM 190441105 256 8400 SH DEFINED 02 7700 700 0
COCA COLA CO COM 191216100 43327 1066514 SH DEFINED 02 439385 379160 247969
COLGATE PALMOLIVE CO COM 194162103 4343 75058 SH DEFINED 02 33004 26400 15654
COLLEGE MANOR INC COM 194990305 517 326 SH DEFINED 02 0 326 0
COLUMBIA FIXED INCOME SECS FD COM 197643109 4037 314233 SH DEFINED 02 314233 0 0
COLUMBIA / HCA HEALTHCARE COM 197677107 1724 42836 SH DEFINED 02 10254 32582 0
COMCAST CORP COM 200300200 440 25000 SH DEFINED 02 0 2250 22750
COMERICA INC COM 200340107 670 26420 SH DEFINED 02 9910 0 16510
COMPUTER DATA SYS COM 205017106 370 20000 SH DEFINED 02 0 20000 0
CONCORD EFS INC COM 206189102 267 12000 SH DEFINED 02 0 11500 500
CONNER PERIPHERALS INC SUB 208108AB6 13 15000 PRN DEFINED 02 0 0 15000
CONRAIL INC COM 208368100 1755 30400 SH DEFINED 02 2200 26700 1500
CONSECO INC COM 208464107 466 8628 SH DEFINED 02 5200 0 3428
CONSOLIDATED EDISON CO N Y INC COM 209111103 245 8421 SH DEFINED 02 3364 1485 3572
CONSOLIDATED NAT GAS CO SUB 209615BL6 42 40000 PRN DEFINED 02 0 40000 0
<PAGE> PAGE 5
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
CONSOLIDATED NAT GAS CO COM 209615103 1530 38273 SH DEFINED 02 11210 15046 12017
CONVEX COMPUTER CORP SUB 212578AA6 3 5000 PRN DEFINED 02 0 5000 0
COOPER INDS INC COM 216669101 12863 347675 SH DEFINED 02 225953 58232 63490
COOPER INDS INC CPF 216669507 14001 586467 PRN DEFINED 02 362325 121850 102292
COOPER TIRE & RUBR CO COM 216831107 596 23400 SH DEFINED 02 1000 0 22400
COORS ADOLPH CO COM 217016104 1100 60700 SH DEFINED 02 21150 19900 19650
CORESTATES FINL CORP COM 218695104 45369 1744969 SH DEFINED 02 1022584 358585 363800
CORNING INC COM 219350105 770 23884 SH DEFINED 02 8708 8000 7176
COSTCO WHSL CORP SUB 221607AB0 477 525000 PRN DEFINED 02 300000 0 225000
CRESTAR FINL CORP COM 226091106 289 6784 SH DEFINED 02 4200 2584 0
CUSTER CHANNEL WING CORP COM 231705203 0 16000 SH DEFINED 02 16000 0 0
DPL INC COM 233293109 7853 395130 SH DEFINED 02 317275 18105 59750
DANA CORP COM 235811106 7610 132926 SH DEFINED 02 52162 11380 69384
DANKA BUSINESS SYS PLC COM 236277109 620 15800 SH DEFINED 02 0 0 15800
DART & KRAFT FIN N V SUB 237990AB2 82 40000 PRN DEFINED 02 40000 0 0
DAYTON HUDSON CORP COM 239753106 251 3450 SH DEFINED 02 2400 750 300
DEAN WITTER SELECT CORPORATE COM 2424J4218 2 14000 SH DEFINED 02 0 0 14000
DEAN WITTER DISCOVER & CO COM 24240V101 389 11933 SH DEFINED 02 6387 1441 4105
DEERE & CO COM 244199105 22626 268167 SH DEFINED 02 165360 32924 69883
DELMARVA PWR & LT CO COM 247109101 767 37204 SH DEFINED 02 3689 23034 10481
DELTA AIR LINES INC DEL COM 247361108 5928 131025 SH DEFINED 02 108050 6175 16800
DELTA AIR LINES INC DEL CPF 247361306 9196 193607 PRN DEFINED 02 130230 25165 38212
DELTA WOODSIDE INDS INC NEW COM 247909104 506 43600 SH DEFINED 02 39300 4000 300
DEXTER CORP COM 252165105 8050 337208 SH DEFINED 02 192625 29083 115500
DIGI INTL INC COM 253798102 201 11700 SH DEFINED 02 200 8750 2750
DIGITAL EQUIP CORP COM 253849103 11715 395458 SH DEFINED 02 302917 48427 44114
DILLARD DEPT STORES INC COM 254063100 536 16000 SH DEFINED 02 900 0 15100
DISNEY WALT CO COM 254687106 1706 40629 SH DEFINED 02 2568 23321 14740
DR PEPPER / SEVEN-UP COS INC COM 256131301 405 16800 SH DEFINED 02 0 0 16800
DOMINION RES INC VA COM 257470104 779 19483 SH DEFINED 02 6515 8035 4933
DONALDSON INC COM 257651109 652 14371 SH DEFINED 02 562 5300 8509
DONNELLEY R R & SONS CO COM 257867101 3005 106876 SH DEFINED 02 39800 53176 13900
DOVATRON INTL INC COM 259859106 292 11374 SH DEFINED 02 5325 2237 3812
DOVER CORP COM 260003108 9963 166400 SH DEFINED 02 72850 37650 55900
DOW CHEM CO SUB 260543BB8 245 235000 PRN DEFINED 02 20000 25000 190000
DOW CHEM CO COM 260543103 32340 537886 SH DEFINED 02 294658 161608 81620
DRESSER INDS INC COM 261597108 20809 979270 SH DEFINED 02 547473 253180 178617
DU PONT E I DE NEMOURS & CO COM 263534109 51319 968296 SH DEFINED 02 459885 292773 215638
DUKE PWR CO COM 264399106 6097 168801 SH DEFINED 02 82089 34196 52516
DUN & BRADSTREET CORP COM 264830100 63960 1088696 SH DEFINED 02 871260 124841 92595
DUNDEE MLS INC COM 265219105 646 680 SH DEFINED 02 680 0 0
E M C CORP MASS COM 268648102 604 30400 SH DEFINED 02 0 0 30400
EASTMAN CHEM CO COM 277432100 642 15959 SH DEFINED 02 5831 7475 2653
EASTMAN KODAK CO COM 277461109 3096 69772 SH DEFINED 02 25091 30196 14485
ECCLESTON LAND COMPANY COMMON COM 277994109 219 2972 SH DEFINED 02 2162 0 810
EATON CORP COM 278058102 3739 64608 SH DEFINED 02 34828 11882 17898
ECHLIN INC COM 278749106 253 8600 SH DEFINED 02 2000 200 6400
EMERSON ELEC CO COM 291011104 25281 425794 SH DEFINED 02 243780 73813 108201
ENRON CORP COM 293561106 6883 225701 SH DEFINED 02 68735 40284 116682
EQUITABLE GAS CO SUB 294497AJ1 679 302000 PRN DEFINED 02 152000 120000 30000
<PAGE> PAGE 6
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
EQUITABLE RES INC COM 294549100 21647 622945 SH DEFINED 02 385805 120879 116261
EQUITEC FINL GROUP INC SUB 294588AC2 1 50000 PRN DEFINED 02 0 0 50000
ERICSSON L M TEL CO COM 294821400 1329 31550 SH DEFINED 02 7200 16150 8200
ESPIRITO SANTO FINL HLDG S A COM 29665F200 202 6850 SH DEFINED 02 0 6550 300
ESTERLINE INTL FIN N V SUB 297430AA8 462 465000 PRN DEFINED 02 415000 0 50000
EURO PAC GROWTH FD COM 298706102 1206 54946 SH DEFINED 02 54946 0 0
EXXON CORP COM 302290101 123629 1966269 SH DEFINED 02 895122 666436 404711
F&M BANCORP COM 302367107 1469 61541 SH DEFINED 02 2070 59471 0
FPA PARAMOUNT FD INC COM 302546106 246 18723 SH DEFINED 02 18723 0 0
FPL GROUP INC COM 302571104 262 7935 SH DEFINED 02 5348 937 1650
FCNB CORP COM 302920103 504 20366 SH DEFINED 02 7486 9049 3831
FASTENAL CO COM 311900104 539 16615 SH DEFINED 02 0 14250 2365
FEDERAL HOME LN MTG CORP COM 313400301 954 18806 SH DEFINED 02 1800 4706 12300
FEDERATED EXCHANGE FD COM 314175100 320 4607 SH DEFINED 02 0 2755 1851
FIDELITY ADVISOR SER I COM 315805101 456 15909 SH DEFINED 02 0 15909 0
FIDELITY PURITAN FD INC COM 316345107 315 20298 SH DEFINED 02 20298 0 0
FINANCIAL INDL FD INC COM 317549103 522 99036 SH DEFINED 02 99036 0 0
FINANCIAL INDL INCOME FD COM 317567105 314 27167 SH DEFINED 02 27167 0 0
FIRST ALA BANCSHARES INC COM 318464104 11899 380784 SH DEFINED 02 189175 104609 87000
FIRST BK SYS INC COM 319279105 428 13400 SH DEFINED 02 0 13400 0
FIRST CHICAGO CORP COM 319455101 255 5306 SH DEFINED 02 0 4406 900
FIRST COLONY CORP COM 319741104 908 37450 SH DEFINED 02 32000 867 4583
FIRST FID BANCORPORATION NEW COM 320195100 296 6676 SH DEFINED 02 3956 400 2320
FIRST FINL MGMT CORP COM 320245103 491 9100 SH DEFINED 02 0 0 9100
FIRST TR GNMA FD COM 337335160 2 20000 SH DEFINED 02 0 0 20000
FIRSTAR CORP NEW COM 33761C103 356 10796 SH DEFINED 02 0 0 10796
FISERV INC COM 337738108 750 36850 SH DEFINED 02 0 8000 28850
FISHER SCIENTIFIC INTL INC SUB 338032AA3 168 150000 PRN DEFINED 02 0 0 150000
FISHER SCIENTIFIC INTL INC COM 338032105 395 11882 SH DEFINED 02 0 1500 10382
FLAG INVS VALUE BLDR FD INC COM 33832R105 164 14605 SH DEFINED 02 0 0 14605
FLAG INVS TEL INCOME FD INC COM 338331101 616 47999 SH DEFINED 02 9170 38828 0
FLEETWOOD ENTERPRISES INC COM 339099103 2789 136900 SH DEFINED 02 15800 87400 33700
FLIGHTSAFETY INTL INC COM 339423105 387 10390 SH DEFINED 02 0 900 9490
FLORIDA EAST COAST INDS INC COM 340632108 3315 52000 SH DEFINED 02 0 0 52000
FLUOR CORP COM 343861100 247 4952 SH DEFINED 02 200 2533 2219
FORD MTR CO DEL COM 345370100 529 9010 SH DEFINED 02 3800 760 4450
FRANKLIN CUSTODIAN FDS INC COM 353496607 98 14461 SH DEFINED 02 9868 4593 0
FREDERICK TRADING CO CAP COM 355990102 239 7983 SH DEFINED 02 0 7983 0
FREEPORT MCMORAN INC COM 356714105 238 12296 SH DEFINED 02 1452 2600 8244
GTE CORP COM 362320103 7548 243495 SH DEFINED 02 85855 98604 59036
GANNETT INC COM 364730101 11771 223684 SH DEFINED 02 117536 75253 30895
GENERAL DYNAMICS CORP COM 369550108 500 5900 SH DEFINED 02 0 5600 300
GENERAL ELEC CO COM 369604103 137996 1379969 SH DEFINED 02 636698 500247 243024
GENERAL MILLS INC COM 370334104 1461 26276 SH DEFINED 02 21160 4350 766
GENERAL MOTORS CORP COM 370442105 12972 240789 SH DEFINED 02 107224 46190 87375
GENERAL MTRS CORP COM 370442402 759 22173 SH DEFINED 02 9386 10271 2516
GENERAL RE CORP COM 370563108 34311 319551 SH DEFINED 02 199941 63069 56541
GENETICS INST INC COM 371855305 971 23000 SH DEFINED 02 0 23000 0
GENRAD INC SUB 372447AA0 7 10000 PRN DEFINED 02 0 5000 5000
GENUINE PARTS CO COM 372460105 12049 344273 SH DEFINED 02 211468 85416 47389
<PAGE> PAGE 7
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
GENZYME CORP SUB 372917AB0 23 25000 PRN DEFINED 02 0 25000 0
GEORGIA PAC CORP COM 373298108 438 6883 SH DEFINED 02 1596 3280 2007
GIANT FOOD INC COM 374478105 15688 697279 SH DEFINED 02 439525 171665 86089
GIDDINGS & LEWIS INC WIS COM 375048105 1778 69738 SH DEFINED 02 67500 0 2238
GILLETTE CO COM 375766102 3677 58140 SH DEFINED 02 2566 14436 41138
GLATFELTER P H CO COM 377316104 27066 1691667 SH DEFINED 02 1099425 190742 401500
GLAXO HLDGS PLC NEW COM 377327309 226 12650 SH DEFINED 02 0 9350 3300
GLOBAL NAT RES INC COM 379355100 135 20000 SH DEFINED 02 0 20000 0
GOODYEAR TIRE & RUBR CO COM 382550101 208 5146 SH DEFINED 02 200 3782 1164
GOVERNMENT SECS INCOME FD COM 383743580 2 13935 SH DEFINED 02 13935 0 0
GRACE W R & CO COM 383883105 289 7029 SH DEFINED 02 0 4047 2982
GRAINGER W W INC COM 384802104 4392 69177 SH DEFINED 02 17220 14130 37827
GREAT LAKES CHEM CORP COM 390568103 678 9624 SH DEFINED 02 6400 1800 1424
HALLIBURTON CO COM 406216101 8005 273685 SH DEFINED 02 149069 22900 101716
HANSON PLC COM 411352305 2517 126644 SH DEFINED 02 100229 8615 17800
HARSCO CORP COM 415864107 5770 129300 SH DEFINED 02 92950 19460 16890
HAUSER CHEM RESH INC NEW COM 419141304 115 14475 SH DEFINED 02 0 13675 800
HEALTH CARE PPTY INVS INC COM 421915109 298 9800 SH DEFINED 02 0 4800 5000
HEINZ H J CO COM 423074103 1191 35561 SH DEFINED 02 9933 13648 11980
HERCULES INC SUB 427056AK2 703 275000 PRN DEFINED 02 200000 10000 65000
HERCULES INC COM 427056106 4147 36147 SH DEFINED 02 14100 6100 15947
HERITAGE MEDIA CORP NEW COM 427241203 317 17300 SH DEFINED 02 0 0 17300
HERSHEY FOODS CORP COM 427866108 7581 163476 SH DEFINED 02 92305 31103 40068
HEWLETT PACKARD CO COM 428236103 42566 518312 SH DEFINED 02 331071 80975 106266
HILTON HOTELS CORP COM 432848109 342 6007 SH DEFINED 02 0 940 5067
HOME DEPOT INC COM 437076102 1791 43961 SH DEFINED 02 6249 22466 15246
HOMESTAKE MNG CO COM 437614100 3376 150912 SH DEFINED 02 32700 12362 105850
HONEYWELL INC COM 438506107 2550 75862 SH DEFINED 02 32256 36902 6704
HORNBACH HLDGS AG PFD 440600997 223 220 SH DEFINED 02 0 210 10
HOSPITALITYFRAN COM 440912103 522 9500 SH DEFINED 02 0 0 9500
HOST INTL INC SUB 441074AA9 3 5000 PRN DEFINED 02 0 0 5000
HOUGHTON MIFFLIN CO COM 441560109 384 9370 SH DEFINED 02 0 0 9370
HOUSEHOLD INTL CORP COM 441815107 239 8097 SH DEFINED 02 0 5670 2427
HOUSTON INDS INC COM 442161105 271 7636 SH DEFINED 02 600 4836 2200
HUBBELL INC COM 443510201 7063 119712 SH DEFINED 02 63564 17274 38874
HUMANA INC COM 444859102 392 21210 SH DEFINED 02 2910 18300 0
IDB COMMUNICATIONS GROUP INC SUB 449355AB2 8 8000 PRN DEFINED 02 0 3000 5000
ITT CORP COM 450679105 4707 54903 SH DEFINED 02 10296 27613 16994
ILLINOIS TOOL WORKS INC COM 452308109 3193 78850 SH DEFINED 02 64900 6400 7550
IMPERIAL CHEM INDS PLC COM 452704505 18781 409396 SH DEFINED 02 273162 40184 96050
INDRESCO INC COM 455905109 313 23257 SH DEFINED 02 4950 9630 8677
INGERSOLL RAND CO COM 456866102 10299 276500 SH DEFINED 02 88876 83424 104200
INFORMATION MGMT TECHNS CORP SUB 456990AA8 100 100000 PRN DEFINED 02 0 100000 0
INTEL CORP COM 458140100 27357 405300 SH DEFINED 02 266975 54860 83465
INTERNATIONAL BUSINESS MACHS COM 459200101 35144 643377 SH DEFINED 02 264948 221780 156649
INTERNATIONAL FLAVORS & COM 459506101 263 7218 SH DEFINED 02 4668 750 1800
INTERNATIONAL GAME TECHNOLOGY COM 459902102 287 10500 SH DEFINED 02 10500 0 0
INTERNATIONAL PAPER CO COM 460146103 825 12159 SH DEFINED 02 4714 4885 2560
INVESTMENT CO AMER COM 461308108 220 12302 SH DEFINED 02 10545 1757 0
IOWA NATL BANKSHARES CORP COM 462483108 363 15144 SH DEFINED 02 15144 0 0
<PAGE> PAGE 8
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
JACOBSON STORES INC SUB 469834AC9 44 55000 PRN DEFINED 02 0 15000 40000
JAMESWAY CORP SUB 470736AB5 3 15000 PRN DEFINED 02 0 15000 0
JANUS FD INC COM 471023101 415 22019 SH DEFINED 02 16213 5806 0
JEFFERSON PILOT CORP COM 475070108 4008 85061 SH DEFINED 02 39475 25886 19700
JOHNSON & JOHNSON COM 478160104 42948 1137702 SH DEFINED 02 582193 376534 178975
JOHNSON CTLS INC COM 478366107 2543 46238 SH DEFINED 02 15608 16614 14016
JONES APPAREL GROUP COM 480074103 746 23600 SH DEFINED 02 0 0 23600
K MART CORP COM 482584109 12654 698196 SH DEFINED 02 399832 148712 149652
K MART CORP PFD 482584208 5488 150875 SH DEFINED 02 143700 0 7175
K N ENERGY INC COM 482620101 5059 224888 SH DEFINED 02 137327 37004 50557
KAMAN CORP SUB 483548AC7 1000 1205000 PRN DEFINED 02 852000 129000 224000
KAMAN CORP COM 483548103 2807 291700 SH DEFINED 02 166050 73200 52450
KAMAN CORP CPF 483548509 2736 54329 PRN DEFINED 02 41285 4678 8366
S KANN SONS CO COM STPD COM 483996104 4835 94823 SH DEFINED 02 5280 89423 120
KELLOGG CO COM 487836108 2238 44000 SH DEFINED 02 20500 17900 5600
KEMPER GOVT SECS TR COM 488903394 96 94339 SH DEFINED 02 94339 0 0
KERR MCGEE CORP COM 492386107 263 6346 SH DEFINED 02 1000 4646 700
KEYCORP NEW COM 493267108 390 13025 SH DEFINED 02 0 8283 4742
KEYSTONE INTL INC COM 493503106 12094 506579 SH DEFINED 02 393350 42599 70630
KIMBERLY CLARK CORP COM 494368103 1355 25628 SH DEFINED 02 11300 5232 9096
KOLLMORGEN CORP SUB 500440AA0 78 80000 PRN DEFINED 02 20000 50000 10000
KOPP GLASS INC COM 500990106 254 33950 SH DEFINED 02 33950 0 0
KULICKE & SOFFA INDS INC SUB 501242AA9 107 110000 PRN DEFINED 02 100000 0 10000
LCI INTL INC COM 501813109 359 9400 SH DEFINED 02 0 0 9400
KRUGERRAND WHOLE SUB 501990501 5 1421 PRN DEFINED 02 0 1419 2
LANDMARK GRAPHICS CORP COM 514913102 386 15600 SH DEFINED 02 14000 100 1500
LAWTER INTL INC COM 520786104 186 15383 SH DEFINED 02 0 0 15383
LEGGETT & PLATT INC COM 524660107 525 12000 SH DEFINED 02 0 12000 0
LEGG MASON INC SUB 524901AA3 20 20000 PRN DEFINED 02 0 20000 0
LENNAR CORP COM 526057104 508 16400 SH DEFINED 02 0 0 16400
LEUCADIA NATL CORP COM 527288104 1872 48800 SH DEFINED 02 0 32000 16800
LILLY ELI & CO COM 532457108 5041 101088 SH DEFINED 02 64176 21037 15875
LIMITED INC COM 532716107 217 10400 SH DEFINED 02 1300 8000 1100
LINCOLN NATL CORP IND COM 534187109 9404 233644 SH DEFINED 02 124594 28350 80700
LECHTERS INC SUB 5359919E5 36 45000 PRN DEFINED 02 45000 0 0
LOEWS CORP COM 540424108 774 8635 SH DEFINED 02 100 5700 2835
LOTUS DEV CORP COM 545700106 3301 46825 SH DEFINED 02 29600 3875 13350
LOUISIANA PAC CORP COM 546347105 236 6534 SH DEFINED 02 150 1184 5200
LOYOLA CAP CORP COM 549089100 827 43532 SH DEFINED 02 20000 6300 17232
LUBRIZOL CORP COM 549271104 13622 394847 SH DEFINED 02 190696 119513 84638
M A COM SUB 552618AA8 175 175000 PRN DEFINED 02 0 70000 105000
MBIA INC COM 55262C100 289 5300 SH DEFINED 02 0 0 5300
MCI COMMUNICATIONS CORP COM 552673105 1610 68902 SH DEFINED 02 6000 30600 32302
MGIC INVT CORP WISC COM 552848103 210 7090 SH DEFINED 02 0 0 7090
MSD&T FNDS INC VALUE EQUITY COM 553537507 15393 1273243 SH DEFINED 02 163832 11190 1098221
MSD&T FNDS INC INTL EQUITY COM 553537804 38601 3342119 SH DEFINED 02 1892712 736652 712755
MANOR CARE INC COM 564054104 343 12618 SH DEFINED 02 200 2400 10018
MARK IV INDS INC COM 570387100 989 54573 SH DEFINED 02 0 54573 0
MARSH & MCLENNAN COS INC COM 571748102 24470 294828 SH DEFINED 02 188691 67238 38899
MARRIOTT INTL INC COM 571900109 700 24900 SH DEFINED 02 300 6700 17900
<PAGE> PAGE 9
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
MARTIN MARIETTA CORP NEW COM 572900108 7106 161520 SH DEFINED 02 53552 31718 76250
MARTIN MARIETTA MATLS INC COM 573284106 503 22900 SH DEFINED 02 0 0 22900
MASCO CORP SUB 574599AG1 3432 3539000 PRN DEFINED 02 1597000 515000 1427000
MASCO CORP COM 574599106 626 19900 SH DEFINED 02 11800 7000 1100
MASKWA NICKEL CHROME MINES LTD COM 574990214 0 12000 SH DEFINED 02 0 0 12000
MASON-DIXON BANCSHARES INC COM 575207105 684 14563 SH DEFINED 02 3779 2109 8675
MATTEL INC COM 577081102 669 26652 SH DEFINED 02 686 7663 18303
MAY DEPT STORES CO COM 577778103 58519 1405864 SH DEFINED 02 577606 558698 269560
MCCORMICK & CO INC COM 579780107 344 13492 SH DEFINED 02 12500 512 480
MCCORMICK & CO INC COM 579780206 9511 437332 SH DEFINED 02 158796 193220 85316
MCDONALDS CORP COM 580135101 1963 34530 SH DEFINED 02 7800 11100 15630
MCGRAW HILL INC COM 580645109 282 4320 SH DEFINED 02 400 3820 100
MEAD CORP SUB 582834AJ6 379 372000 PRN DEFINED 02 0 60000 312000
MEAD CORP COM 582834107 218 5320 SH DEFINED 02 362 2358 2600
MEDICAL CTR INS CO LTD COM 584990105 125 125000 SH DEFINED 02 125000 0 0
MEDTRONIC INC COM 585055106 528 6600 SH DEFINED 02 300 400 5900
MERCANTILE BANCORPORATION INC COM 587342106 426 8913 SH DEFINED 02 8763 150 0
MERCANTILE BANKSHARES CORP COM 587405101 38024 2083512 SH DEFINED 02 723088 899831 460593
MERCANTILE BANKSHARES CORP COM 587405101 41 2256 SH DEFINED 01 2256 0 0
MERCK & CO INC COM 589331107 77425 2602539 SH DEFINED 02 1178338 880632 543569
MICHAELS STORES INC COM 594087108 475 11600 SH DEFINED 02 0 0 11600
MICROPOLIS CORP SUB 594907AA5 6 10000 PRN DEFINED 02 0 5000 5000
MICROSOFT CORP COM 594918104 2055 24250 SH DEFINED 02 16175 4650 3425
MID-ATLANTIC RLTY TR COM 595232109 153 15898 SH DEFINED 02 6332 8644 922
MILLIPORE CORP COM 601073109 567 12566 SH DEFINED 02 0 5410 7156
MINERALS TECHNOLOGIES INC COM 603158106 717 27600 SH DEFINED 02 0 0 27600
MINNESOTA MNG & MFG CO COM 604059105 49669 501711 SH DEFINED 02 260656 134040 107015
MIRAGE RESORTS INC COM 60462E104 273 13000 SH DEFINED 02 13000 0 0
LLOYD E MITCHELL INC. COM 605996107 221 2214 SH DEFINED 02 0 0 2214
MOBIL CORP COM 607059102 39991 537703 SH DEFINED 02 291279 140845 105579
MOLEX INC COM 608554200 220 6687 SH DEFINED 02 312 0 6375
MONSANTO CO COM 611662107 573 7374 SH DEFINED 02 408 5128 1838
MOOG INC SUB 615394AA1 228 226000 PRN DEFINED 02 202000 0 24000
MORGAN J P & CO INC COM 616880100 17792 283540 SH DEFINED 02 173630 43900 66010
MORTON INTL INC IND COM 619331101 2221 22238 SH DEFINED 02 12500 7263 2475
MOTOROLA INC SUB 620076AJ8 67 100000 PRN DEFINED 02 100000 0 0
MOTOROLA INC COM 620076109 45793 452286 SH DEFINED 02 205062 128484 118740
MURPHY OIL CORP COM 626717102 21671 541775 SH DEFINED 02 317947 77191 146637
MUSICLAND STORES CORP COM 62758B109 245 12600 SH DEFINED 02 0 500 12100
MUTUAL SER FD INC COM 628380107 685 8719 SH DEFINED 02 0 8328 391
MYLAN LABS INC COM 628530107 376 21500 SH DEFINED 02 0 6000 15500
NALCO CHEM CO COM 629853102 646 19017 SH DEFINED 02 5800 0 13217
NATIONAL CITY CORP COM 635405103 879 33036 SH DEFINED 02 14402 12334 6300
NATIONAL CITY CORP CPF 635405509 247 3667 PRN DEFINED 02 350 100 3217
NATIONAL MED ENTERPRISES INC COM 636886103 451 28000 SH DEFINED 02 0 28000 0
NATIONSBANK CORP COM 638585109 2667 58311 SH DEFINED 02 6897 44887 6527
NATIONWIDE HEALTH PPTYS INC COM 638620104 311 7900 SH DEFINED 02 1200 6300 400
NESTLE S A COM 641069406 11714 278295 SH DEFINED 02 116400 103175 58720
NEW ENGLAND ELEC SYS COM 644001109 2209 60756 SH DEFINED 02 41258 8975 10523
NEW YORK VENTURE FD INC COM 650121106 5872 507964 SH DEFINED 02 0 172985 334979
<PAGE> PAGE 10
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
NEWELL CO COM 651192106 11706 298257 SH DEFINED 02 180000 31304 86953
NORFOLK SOUTHERN CORP COM 655844108 28237 436941 SH DEFINED 02 221315 107820 107806
NORTHEAST UTILS COM 664397106 9331 394977 SH DEFINED 02 237144 113033 44800
NORTHEAST UTILS COM 664397106 2409 101985 SH DEFINED 02 83527 11633 6825
NORTHERN STS PWR CO MINN COM 665772109 1547 37855 SH DEFINED 02 13808 20947 3100
NORTHERN TR CORP COM 665859104 293 7075 SH DEFINED 02 0 0 7075
NOVACARE INC SUB 669930AA7 1729 1860000 PRN DEFINED 02 1660000 20000 180000
NOVELL INC COM 670006105 13062 720695 SH DEFINED 02 586500 41300 92895
NYNEX CORP COM 670768100 625 18002 SH DEFINED 02 4998 8640 4364
OFFICE DEPOT INC COM 676220106 334 9603 SH DEFINED 02 0 1203 8400
OLIN CORP COM 680665205 4398 92362 SH DEFINED 02 9889 3372 79101
OMNICARE INC SUB 681904AA6 35 30000 PRN DEFINED 02 0 20000 10000
ORYX ENERGY CO SUB 68763FAD2 32 35000 PRN DEFINED 02 0 0 35000
PHH CORP COM 693320103 1408 39671 SH DEFINED 02 18500 14100 7071
PNC BK CORP SUB 693475AA3 11 5000 PRN DEFINED 02 0 0 5000
PNC BK CORP COM 693475105 501 18834 SH DEFINED 02 10100 3934 4800
PPG INDS INC COM 693506107 3132 42120 SH DEFINED 02 15102 22668 4350
PACIFIC GAS & ELEC CO COM 694308107 321 11081 SH DEFINED 02 3508 4235 3338
PACIFIC GULF PPTYS INC SUB 694396AA0 152 155000 PRN DEFINED 02 0 140000 15000
PACIFIC TELESIS GROUP COM 694890104 22438 426392 SH DEFINED 02 211165 117538 97689
PACIFICORP COM 695114108 1598 90692 SH DEFINED 02 59446 23840 7406
PENNEY J C INC COM 708160106 8079 152810 SH DEFINED 02 89900 38110 24800
PENNSYLVANIA MUT FD INC COM 709000103 401 48825 SH DEFINED 02 0 48825 0
PENNSYLVANIA PWR & LT CO COM 709051106 287 12508 SH DEFINED 02 3442 8966 100
PENNZOIL CO SUB 709903BE7 23 25000 PRN DEFINED 02 25000 0 0
PENNZOIL CO COM 709903108 285 5700 SH DEFINED 02 0 2344 3356
PEPSICO INC COM 713448108 16403 447881 SH DEFINED 02 233790 142425 71666
PERKIN ELMER CORP COM 714041100 381 11426 SH DEFINED 02 6660 4000 766
PERPETUAL SVGS BK F S B SUB 714275AA2 0 10000 PRN DEFINED 02 10000 0 0
PETRIE STORES CORP SUB 716434AC9 576 491000 PRN DEFINED 02 10000 55000 426000
PFIZER INC COM 717081103 34482 638573 SH DEFINED 02 321174 215032 102367
PHELPS DODGE CORP COM 717265102 10220 195608 SH DEFINED 02 151225 18753 25630
PHILIP MORRIS COS INC COM 718154107 61469 1214210 SH DEFINED 02 671491 340630 202089
PHILLIPS PETE CO COM 718507106 223 8400 SH DEFINED 02 300 7800 300
PIER 1 IMPORTS INC COM 720279108 1515 181000 SH DEFINED 02 181000 0 0
PIONEER HI BRED INTL INC COM 723686101 222 6800 SH DEFINED 02 0 600 6200
PITNEY BOWES INC COM 724479100 2347 57782 SH DEFINED 02 0 8936 48846
PITTSTON CO COM 725701106 614 27600 SH DEFINED 02 0 0 27600
POTLATCH CORP COM 737628107 8700 207769 SH DEFINED 02 112745 48676 46348
POTOMAC ELEC PWR CO COM 737679100 1183 53800 SH DEFINED 02 17316 23018 13466
PREMARK INTL INC COM 740459102 956 13288 SH DEFINED 02 8065 1977 3246
PREMIER INDL CORP NEW COM 740512306 380 17500 SH DEFINED 02 0 9213 8287
PRICE CO SUB 741440AC5 41 40000 PRN DEFINED 02 0 40000 0
T ROWE PRICE ASSOC INC COM 741477103 3573 127634 SH DEFINED 02 0 124334 3300
T ROWE PRICE GROWTH STK FD COM 741479109 530 27070 SH DEFINED 02 3277 16695 7098
PROCTER & GAMBLE CO COM 742718109 116913 2185301 SH DEFINED 02 1084138 799463 301700
PROFFITTS INC SUB 742925AA8 105 130000 PRN DEFINED 02 50000 0 80000
PROGRESSIVE CORP OHIO COM 743315103 346 11900 SH DEFINED 02 0 0 11900
PROMUS COS INC COM 74342A109 271 6900 SH DEFINED 02 6000 900 0
PROTECTIVE LIFE CORP COM 743674103 1143 26428 SH DEFINED 02 0 4228 22200
<PAGE> PAGE 11
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
PROVIDENT BANKSHARES CORP COM 743859100 382 17300 SH DEFINED 02 300 11000 6000
PRUDENTIAL MUN SER FD COM 74435M200 0 21297 SH DEFINED 02 0 21297 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 331 11885 SH DEFINED 02 4007 4470 3408
QUAKER OATS CO COM 747402105 1071 17108 SH DEFINED 02 1080 12828 3200
QUAKER ST CORP COM 747410108 3176 244381 SH DEFINED 02 90859 12600 140922
QUALCOMM INC COM 747525103 226 9250 SH DEFINED 02 0 8850 400
QUANTUM CHEM CORP SUB 747633AB1 19 25000 PRN DEFINED 02 0 0 25000
QUESTAR CORP COM 748356102 11305 373740 SH DEFINED 02 226650 84240 62850
RJR NABISCO HLDGS CORP COM 74960K108 587 102250 SH DEFINED 02 101750 0 500
RJR NABISCO HLDGS CORP CPF 74960K405 1638 267450 PRN DEFINED 02 235000 8000 24450
RALSTON PURINA CO COM 751277302 596 13110 SH DEFINED 02 1904 2900 8306
RAYONIER INC COM 754907103 333 11895 SH DEFINED 02 2596 6075 3224
RAYTHEON CO COM 755111101 5761 89155 SH DEFINED 02 56152 17497 15506
READERS DIGEST ASSN INC COM 755267101 14696 356285 SH DEFINED 02 243150 45450 67685
READERS DIGEST ASSN INC COM 755267200 844 22450 SH DEFINED 02 12450 8100 1900
RECOGNITION INTL INC COM 756231106 180 15000 SH DEFINED 02 0 15000 0
REEBOK INTL LTD COM 758110100 714 20870 SH DEFINED 02 0 0 20870
RESEARCH INDS CORP COM 761004100 99 10750 SH DEFINED 02 0 10300 450
RETIREMENT PLANNING FDS AMER COM 761293604 239 21805 SH DEFINED 02 0 0 21805
REYNOLDS METALS CO COM 761763101 8728 190274 SH DEFINED 02 147573 16636 26065
RESERVOIR CAP CORP SUB 761990407 1 25500 PRN DEFINED 02 0 13500 12000
ROHM & HAAS CO COM 775371107 722 13224 SH DEFINED 02 6688 6336 200
ROUSE CO COM 779273101 2492 136559 SH DEFINED 02 1050 79800 55709
T ROWE PRICE INTL FD INC COM 77956H203 491 41380 SH DEFINED 02 41380 0 0
T ROWE PRICE NEW HORIZONS FD COM 779562107 959 61661 SH DEFINED 02 0 18563 43097
T ROWE PRICE TAX FREE INCOME COM 779576107 209 22888 SH DEFINED 02 0 20906 1981
T ROWE PRICE TAX FREE SHORT COM 779902105 58 11200 SH DEFINED 02 0 11200 0
ROYAL DUTCH PETE CO COM 780257705 1876 18883 SH DEFINED 02 5771 9028 4084
ROYCE FD COM 780905105 745 77703 SH DEFINED 02 0 77703 0
SCECORP COM 783882103 261 15834 SH DEFINED 02 7589 4666 3579
ST JUDE MED INC COM 790849103 693 25000 SH DEFINED 02 25000 0 0
ST PAUL COS INC COM 792860108 310 3992 SH DEFINED 02 1100 1000 1892
SALOMON INC COM 79549B107 1101 22710 SH DEFINED 02 0 22060 650
SAN JUAN RACING ASSN INC COM 798407102 0 34385 SH DEFINED 02 0 29061 5324
SANTA FE ENERGY RES INC COM 802012104 135 15984 SH DEFINED 02 859 14487 638
SANTA FE PAC CORP COM 802183103 1210 53214 SH DEFINED 02 4735 46032 2447
SARA LEE CORP COM 803111103 1333 61323 SH DEFINED 02 5000 36660 19663
SCANA CORP COM 805898103 444 9732 SH DEFINED 02 5082 3386 1264
SCHERER R P CORP DEL COM 806528105 472 12900 SH DEFINED 02 0 0 12900
SCHERING PLOUGH CORP COM 806605101 16618 294779 SH DEFINED 02 77217 197080 20482
SCHLUMBERGER LTD COM 806857108 32990 623935 SH DEFINED 02 397048 119664 107223
SCHOLASTIC CORP COM 807066105 494 13100 SH DEFINED 02 0 0 13100
SCHULMAN A INC COM 808194104 1162 36325 SH DEFINED 02 0 1000 35325
SCOTT PAPER CO COM 809877103 435 10392 SH DEFINED 02 200 5092 5100
SCUDDER INTL FD INC COM 811165109 345 8038 SH DEFINED 02 7918 120 0
SCUDDER PORTFOLIO TR COM 811192103 4012 304646 SH DEFINED 02 304646 0 0
SEAGRAM LTD COM 811850106 287 10356 SH DEFINED 02 0 9100 1256
SEARS ROEBUCK & CO COM 812387108 1249 28969 SH DEFINED 02 15146 3900 9923
SENSORMATIC ELECTRS CORP COM 817265101 587 16150 SH DEFINED 02 0 1500 14650
SEQUOIA FD INC COM 817418106 641 11973 SH DEFINED 02 0 3136 8837
<PAGE> PAGE 12
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
SERVICEMASTER LTD PARTNERSHIP COM 817615107 2220 90181 SH DEFINED 02 1350 13600 75231
SHAW INDS INC COM 820286102 264 13000 SH DEFINED 02 0 13000 0
SHERWIN WILLIAMS CO COM 824348106 761 23892 SH DEFINED 02 7192 8600 8100
SIGMA ALDRICH CORP COM 826552101 285 5600 SH DEFINED 02 0 4800 800
SIGNET BKG CORP COM 826681108 3499 88604 SH DEFINED 02 37032 36164 15408
SLADE INCORPORATED CUM PFD PFD 830990206 448 4485 SH DEFINED 02 0 0 4485
SLADE INCORPORATED COMMON COM 830990404 33879 44696 SH DEFINED 02 0 17032 27664
SMITHKLINE BEECHAM PLC COM 832378400 3655 146214 SH DEFINED 02 51800 48730 45684
SONAT INC COM 835415100 1645 59288 SH DEFINED 02 32960 24368 1960
SOUTHERN CO COM 842587107 509 26798 SH DEFINED 02 9036 9608 8154
SOUTHERN UN CO NEW COM 844030106 243 12834 SH DEFINED 02 0 0 12834
MCNEIL REAL ESTATE FD XXV COM 844990101 0 80000 SH DEFINED 02 0 0 80000
SOUTHWESTERN BELL CORP COM 845333103 1599 39620 SH DEFINED 02 10440 18782 10398
SOUTHWESTERN PUB SVC CO COM 845743103 429 15216 SH DEFINED 02 3320 11596 300
SPACELABS MED INC COM 846247104 344 14525 SH DEFINED 02 975 280 13270
SPARKS ST BK MD COM 84699A107 208 5628 SH DEFINED 02 0 5628 0
SPRINT CORP COM 852061100 1125 32870 SH DEFINED 02 12889 16407 3574
STANDARD COML CORP SUB 853258AA9 3204 3770000 PRN DEFINED 02 2740000 35000 995000
STANLEY WKS COM 854616109 480 12200 SH DEFINED 02 11150 450 600
STAPLES INC SUB 855030AB8 1003 970000 PRN DEFINED 02 605000 65000 300000
STATE STR BOSTON CORP COM 857473102 278 7725 SH DEFINED 02 0 7425 300
CHAS H STEFFEY INC PAR $1. COM 857993117 287 57500 SH DEFINED 02 0 57500 0
STEWART & STEVENSON SVCS INC COM 860342104 827 18600 SH DEFINED 02 0 0 18600
STRYKER CORP COM 863667101 212 7725 SH DEFINED 02 800 925 6000
STURM & DILLARD COMPANY COM 863992103 3229 216 SH DEFINED 02 216 0 0
SUBURBAN BANCSHARES INC COM 864350103 23 15000 SH DEFINED 02 0 0 15000
SUN INC COM 866762107 411 12719 SH DEFINED 02 1888 5447 5384
SUNBEAM-OSTER INC COM 867071102 327 17700 SH DEFINED 02 0 0 17700
SUNTRUST BKS INC COM 867914103 5643 126470 SH DEFINED 02 65550 39670 21250
SYMBION INC COM 871504106 7 42500 SH DEFINED 02 0 42500 0
SYSCO CORP COM 871829107 297 11600 SH DEFINED 02 3400 8200 0
TECO ENERGY INC COM 872375100 301 15456 SH DEFINED 02 6508 6592 2356
TIG HLDGS INC COM 872469101 300 15600 SH DEFINED 02 0 200 15400
TRW INC COM 872649108 311 4544 SH DEFINED 02 2564 980 1000
TAMBRANDS INC COM 875080103 1269 32975 SH DEFINED 02 3600 8600 20775
TECHNE CORP COM 878377100 178 15500 SH DEFINED 02 0 15100 400
TELEFONOS DE MEXICO S A COM 879403780 413 6878 SH DEFINED 02 1000 4025 1853
TENNECO INC PFD 880370721 355 3545 SH DEFINED 02 0 2491 1054
TEXACO INC COM 881694103 2529 40144 SH DEFINED 02 13354 18401 8389
TEXAS INDUSTRIES INC COM 882491103 364 9700 SH DEFINED 02 0 9700 0
TEXAS INSTRS INC SUB 882508A*5 814 770000 PRN DEFINED 02 25000 0 745000
TEXAS INSTRUMENTS INC COM 882508104 377 4886 SH DEFINED 02 318 2200 2368
TEXAS UTILS CO COM 882848104 1418 37962 SH DEFINED 02 11905 14810 11247
THERMO INSTR SYS INC SUB 883559AA4 91 50000 PRN DEFINED 02 50000 0 0
THOMAS & BETTS CORP COM 884315102 6406 103332 SH DEFINED 02 55829 32861 14642
TIDEWATER INC SUB 886423AB8 45 45000 PRN DEFINED 02 10000 25000 10000
TIME WARNER INC SUB 887315AQ2 819 780000 PRN DEFINED 02 35000 732000 13000
TIME WARNER INC COM 887315109 515 13296 SH DEFINED 02 4500 5704 3092
TIMES MIRROR CO COM 887360105 17313 556258 SH DEFINED 02 333910 73052 149296
TIMES MIRROR CO COM SER C COM 887360303 266 8342 SH DEFINED 02 6942 732 668
<PAGE> PAGE 13
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
TIMKEN CO COM 887389104 5192 157951 SH DEFINED 02 65535 10466 81950
TORCHMARK CORP COM 891027104 429 10673 SH DEFINED 02 0 5423 5250
TOYS R US COM 892335100 715 20592 SH DEFINED 02 7975 12317 300
TRAVELERS INC COM 894190107 1537 43627 SH DEFINED 02 7564 30693 5370
TRIMAS CORP SUB 896215AA8 42 35000 PRN DEFINED 02 35000 0 0
TRINOVA CORP SUB 896678AB5 95 100000 PRN DEFINED 02 100000 0 0
TRINOVA CORP COM 896678109 467 13500 SH DEFINED 02 8950 300 4250
TWEEDY BROWNE FD INC COM 901165100 348 28436 SH DEFINED 02 0 28436 0
TYCO INTL LTD COM 902120104 1135 22769 SH DEFINED 02 75 550 22144
USX CORP SUB 902905AG3 34 80000 PRN DEFINED 02 0 0 80000
USX-MARATHON GROUP NEW COM 902905827 527 31966 SH DEFINED 02 29632 687 1647
UST INC COM 902911106 1194 48000 SH DEFINED 02 6000 42000 0
UNUM CORP COM 903192102 2406 45612 SH DEFINED 02 8650 20462 16500
USF&G CORP COM 903290104 805 60808 SH DEFINED 02 1385 24616 34807
USF&G CORP CPF 903290302 1217 19100 PRN DEFINED 02 12100 0 7000
UNIFI INC COM 904677101 515 24400 SH DEFINED 02 0 3600 20800
UNILEVER N V COM 904784501 3072 29330 SH DEFINED 02 7575 13055 8700
UNION CAMP CORP COM 905530101 24363 550591 SH DEFINED 02 342590 68451 139550
UNION NATL BK WESTMINSTER MD COM 907600100 304 7000 SH DEFINED 02 0 0 7000
UNION PAC CORP COM 907818108 13962 246038 SH DEFINED 02 99503 86052 60483
UNITED DOMINION RLTY TR INC COM 910197102 176 12572 SH DEFINED 02 0 3572 9000
UNITED PARACALE MNG CO COM 911990307 0 25834 SH DEFINED 02 25834 0 0
U S WEST INC COM 912889102 1030 25287 SH DEFINED 02 8872 10086 6329
UNITED TECHNOLOGIES CORP COM 913017109 26596 428116 SH DEFINED 02 305335 61869 60912
UNIVERSAL CORP VA COM 913456109 502 26790 SH DEFINED 02 800 24590 1400
UNOCAL CORP COM 915289102 289 11460 SH DEFINED 02 0 10205 1255
V F CORP COM 918204108 12100 242010 SH DEFINED 02 131175 15060 95775
VLSI TECHNOLOGY INC SUB 918270AA7 135 140000 PRN DEFINED 02 130000 0 10000
VALASSIS COMMUNICATIONS INC COM 918866104 302 17300 SH DEFINED 02 0 0 17300
VALUE LINE U S GOVT SECS FD COM 920466109 4043 337487 SH DEFINED 02 337487 0 0
VANCE SANDERS EXCH FD COM 921902102 643 2702 SH DEFINED 02 0 2702 0
VANGUARD / WINDSOR FD INC COM 922018106 185 13563 SH DEFINED 02 2895 10668 0
VANGUARD INDEX TR COM 922908108 397 9507 SH DEFINED 02 0 0 9507
VANGUARD INDEX TR COM 922908306 255 22768 SH DEFINED 02 0 0 22768
VIACOM INC COM 925524308 412 15580 SH DEFINED 02 0 15580 0
VINLAND PPTY TR SUB 9274499A8 150 150000 PRN DEFINED 02 0 150000 0
WMX TECHNOLOGIES INC COM 92929Q107 1517 63880 SH DEFINED 02 26337 19907 17636
WPG TUDOR FD COM 92930L105 356 16184 SH DEFINED 02 16184 0 0
WPG GROWTH & INCOME FD COM 929302107 620 27184 SH DEFINED 02 27184 0 0
WACHOVIA CORP NEW COM 929771103 291 9190 SH DEFINED 02 2400 6190 600
W&L SALES CO INC COM 929990406 0 571500 SH DEFINED 02 571500 0 0
WAL MART STORES INC COM 931142103 5158 199375 SH DEFINED 02 30875 150700 17800
WARNACO GROUP INC COM 934390105 410 13500 SH DEFINED 02 0 0 13500
WARNER LAMBERT CO COM 934488107 21764 351751 SH DEFINED 02 131025 134021 86705
WASHINGTON GAS LT CO COM 938837101 310 7858 SH DEFINED 02 2918 3995 945
WASHINGTON GAS LT CO COM 938837101 14 346 SH DEFINED 01 346 0 0
WASHINGTON POST CO COM 939640108 15486 66539 SH DEFINED 02 27125 2457 36957
WEISS PECK & GREER FDS TR COM 949024103 508 51563 SH DEFINED 02 51563 0 0
WEISS PECK & GREER FDS TR COM 949024509 430 80476 SH DEFINED 02 80476 0 0
WELLFLEET COMMUNICATIONS INC COM 949497101 332 4716 SH DEFINED 02 0 3366 1350
<PAGE> PAGE 14
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
WESTINGHOUSE ELEC CORP COM 960402105 206 17235 SH DEFINED 02 4560 9624 3051
WESTLAND GARDENS CO COM 960990208 224 75 SH DEFINED 02 0 0 75
WESTVACO CORP COM 961548104 16554 519362 SH DEFINED 02 381727 75016 62619
WEYERHAEUSER CO COM 962166104 518 11979 SH DEFINED 02 2849 9130 0
WHIRLPOOL CORP COM 963320106 4281 70325 SH DEFINED 02 8600 40875 20850
WHITMAN CORP COM 96647K102 167 11056 SH DEFINED 02 0 2000 9056
WHITTAKER CORPORATION NEW COM 966680407 892 60000 SH DEFINED 02 0 60000 0
WHOLE FOODS MKT INC COM 966837106 334 17814 SH DEFINED 02 0 2000 15814
WILLCOX & GIBBS INC SUB 969207AC3 93 100000 PRN DEFINED 02 0 0 100000
WILLS GROUP INC COM 971990205 3817 43881 SH DEFINED 02 0 43881 0
WISCONSIN ENERGY CORP COM 976657106 6509 257808 SH DEFINED 02 101216 52569 104023
WITCO CORP SUB 977385AE3 23 20000 PRN DEFINED 02 0 0 20000
WITCO CORP COM 977385103 26961 869713 SH DEFINED 02 412930 199084 257699
WOLVERINE TUBE INC COM 978093102 274 12258 SH DEFINED 02 200 1500 10558
WORTHINGTON INDS INC COM 981811102 1071 54600 SH DEFINED 02 15525 31575 7500
WRIGLEY WM JR CO COM 982526105 257 5070 SH DEFINED 02 0 4980 90
XEROX CORP COM 984121103 782 8196 SH DEFINED 02 1085 5249 1862
YORK INTL CORP NEW COM 986670107 390 10783 SH DEFINED 02 75 1875 8833
REPORT SUMMARY 618 DATA RECORDS 3250517 2 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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